Econoday Comment
“Wholesale inventories rose 0.3 percent in September but retail inventories, also released with today’s report, fell a sharp 1.0 percent reflecting a 2.6 percent draw in vehicles, sales of which were unusually strong in the month. The large retail draw could trim back estimates for tomorrow’s GDP report.”
Mish Comment
The change in trade deficit will not impact the GDP report, much if at all, simply because it’s too small to matter.
Inventories are a huge wildcard in tomorrow’s GDP report. I have a comment on change in private inventories (CIPI) from Pat Higgins, author of the Atlanta Fed GDPNow Report, coming up shortly.
Mike “Mish” Shedlock
